在ACCA考試中,“present value”每年基本上作為一個??键c出現(xiàn)在試卷里,在學習present value時,很多同學不知道什么時候查復利現(xiàn)值系數表,什么時候查年金現(xiàn)值系數表,對此,會計網今天就跟大家詳細解析這個高頻考點內容。
常見PV模型以及解決方法
特點
1. 期初有一筆現(xiàn)金流流出(期初默認T=0時刻,現(xiàn)金流流出一般是指investment)
2. 從第一年開始,每年都有一筆現(xiàn)金流流入
3. 現(xiàn)金流流入發(fā)生在每年的期末
單筆現(xiàn)金流折現(xiàn)問題
1.每筆現(xiàn)金流通過復利現(xiàn)值系數分別折現(xiàn)=現(xiàn)金流*復利現(xiàn)值系數(r,n)
2.復利現(xiàn)值系數在present value table中找,r為折現(xiàn)率,n為對應現(xiàn)金流到T=0時刻的年限
3.NPV=每筆現(xiàn)金流的現(xiàn)值之和-期初投資額
年金折現(xiàn)問題
1.通過年金現(xiàn)值系數將所有年金往前折現(xiàn)一年,折現(xiàn)后的值=每年現(xiàn)金流金額*年金現(xiàn)值系數(r,n)
2.年金現(xiàn)值系數在annuity table中找,r為折現(xiàn)率,n為年金數量,有幾筆年金,n就為幾
3.NPV=每年現(xiàn)金流金額*年金現(xiàn)值系數(r,n)-期初投資額
永續(xù)年金折現(xiàn)問題
1.通過公式把永續(xù)年金全部往前折現(xiàn)一年,折現(xiàn)后的值=每年現(xiàn)金流金額/r
2.r是折現(xiàn)率
3.NPV=每年現(xiàn)金流金額/r-期初投資額
題目練習
例1:An investment of $20,000 is expected to yield $5,000 in the first year, $10,000 in the second year, $8,000 in the third year. Calculate the net present value of the investment opportunity if the cost of capital is 5%
NPV=5000*復利現(xiàn)值系數(5%,1)+10000*復利現(xiàn)值系數(5%,2)+8000*復利現(xiàn)值系數(5%,3)-20000
=5000^0.952+10000^0.907+8000^0.864-20000
=$742
例2:An investment of $50,000 is expected to yield $5,000 for ten years. Calculate the net present value of the investment opportunity if the cost of capital is 5%.NPV=50000*年金現(xiàn)值系數(5%,10)-50000
=5000^7.722-50000
=-$11390
來源:ACCA學習幫
大家在備考ACCA時候,經常會遇到“present value”這個考點內容,大家也無法分清什么時候查復利現(xiàn)值系數表,什么時候查年金現(xiàn)值系數表,針對大家所出現(xiàn)的問題,會計網今天就跟各位講解下“present value”這個知識點。
01、常見PV模型以及解決方法
特點:
1. 期初有一筆現(xiàn)金流流出(期初默認T=0時刻,現(xiàn)金流流出一般是指investment)
2. 從第一年開始,每年都有一筆現(xiàn)金流流入
3. 現(xiàn)金流流入發(fā)生在每年的期末
每筆現(xiàn)金流入金額不等,單筆現(xiàn)金流折現(xiàn)問題
1.每筆現(xiàn)金流通過復利現(xiàn)值系數分別折現(xiàn)=現(xiàn)金流*復利現(xiàn)值系數(r,n)
2.復利現(xiàn)值系數在present value table中找,r為折現(xiàn)率,n為對應現(xiàn)金流到T=0時刻的年限
3.NPV=每筆現(xiàn)金流的現(xiàn)值之和-期初投資額
當每筆現(xiàn)金流入都相等且現(xiàn)金流入的年份是有限年份時,年金折現(xiàn)問題
1.通過年金現(xiàn)值系數將所有年金往前折現(xiàn)一年,折現(xiàn)后的值=每年現(xiàn)金流金額*年金現(xiàn)值系數(r,n)
2.年金現(xiàn)值系數在annuity table中找,r為折現(xiàn)率,n為年金數量,有幾筆年金,n就為幾
3.NPV=每年現(xiàn)金流金額*年金現(xiàn)值系數(r,n)-期初投資額
當每筆現(xiàn)金流都相等,但是現(xiàn)金流入的年份是無限年份(forever),永續(xù)年金折現(xiàn)問題
1.通過公式把永續(xù)年金全部往前折現(xiàn)一年,折現(xiàn)后的值=每年現(xiàn)金流金額/r
2.r是折現(xiàn)率
3.NPV=每年現(xiàn)金流金額/r-期初投資額
02、題目
接下來,分別給三個題目讓大家練習一下:
例1:An investment of $20,000 is expected to yield $5,000 in the first year, $10,000 in the second year, $8,000 in the third year. Calculate the net present value of the investment opportunity if the cost of capital is 5%
NPV=5000*復利現(xiàn)值系數(5%,1)+10000*復利現(xiàn)值系數(5%,2)+8000*復利現(xiàn)值系數(5%,3)-20000
=5000^0.952+10000^0.907+8000^0.864-20000=$742
例2:An investment of $50,000 is expected to yield $5,000 for ten years. Calculate the net present value of the investment opportunity if the cost of capital is 5%.NPV=50000*年金現(xiàn)值系數(5%,10)-50000
=5000^7.722-50000
=-$11390
例3:An investment of $50,000 is expected to yield $5,000 per annum in perprtuity. Calculate the net present value of the investment opportunity if the cost of capital is 5%.NPV=5000/5%-50000 =$50000
以上,就是針對present value中三種常見問題的總結,希望對大家有所幫助。
來源:ACCA學習幫